The House Financial Services Committee yesterday approved landmark legislation aimed at helping financial institutions serve marijuana businesses, as efforts to allow use of the drug continue to advance in almost all 50 states, Politico reported. The bill, sponsored by Reps. Ed Perlmutter (D-Colo.) and Denny Heck (D-Wash.), would shield banks and credit unions from federal regulatory penalties if they serve marijuana businesses legalized at the state level. It was approved along with an amendment from Rep. Steve Stivers (R-Ohio) that would extend the same treatment to insurers. The legislation, which has nearly 150 cosponsors, now goes to the full House for a vote. The majority of Republicans on the committee voted against the measure, which was sent to the full House on a 45-15 vote, with multiple lawmakers arguing that Congress should first consider the legality of marijuana more broadly.
